Filed Under (Forex eBook) by ForexDigg on 06-07-2008
The strategy taught in this program can be used to day-trade any of the
currencies. It can also be used on any time-frame from 5, 15, 30, 60 minute
to 4 hour bars. You can also use it on tick charts.
NOTE: Even though it will work on the faster time frames like 5 and 15
minute charts, I would recommend using the 30, 60, 90 or 120 minute charts.
Despite the fact that the currencies are known to trend, on an intraday basis
they have a lot of “noise” and choppiness. This can cause over trading and
get you stopped out more.
To start you will need to set your charts up as follows in the diagram below.
The program uses an ultra-simple and yet highly profitable setup. The top
part of the chart uses “Candlestick Bars” and the lower part has a “MACD”
Indicator. The MACD has the following settings: (12, 26, 9)
THAT’S IT!!! Nothing more is needed.
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3 categories of scalp trades
These timing methods come under 3 classifications:
1) Time-sensitive trades
This comes in 2 forms:
· In opening range breakouts, where a quick scalp is taken minutes after the open, in the direction of any market thrust.
· Trading to capitalise on the regular market turnaround times like 10am & 3 pm NewYork time.
2) Countertrend trades
Where trades are taken in known periods of trendlessness during the trading day.
3) Trend continuation trades
These methods focus on entering the market in the direction of a trend AFTER the trend has gone underway. They are also classified as retracement trades. The Ultimate market for these scalping methods
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Every Forex trader have own system for their open position, my first system is breakout system. why breakout? cause breakout price sometimes decide where price want to go, simple maybe but this system must support by other indicators like bolinger band, stoch and maybe we can add some moving average, and off course we have discipline to put stop loss. This e-book show how breakout system working.
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Filed Under (Forex MT4 Indicators) by ForexDigg on 03-07-2008
Filed Under (Forex MT4 Indicators) by ForexDigg on 03-07-2008
